The ratings on Wilmington, Del.-based DuPont reflect its excellent business risk profile and intermediate financial risk profile. We incorporated into DuPont's business profile its position as one of the world's premier chemical, specialty materials, and seed producers. Total sales in 2010 were about $35 billion, pro forma for the May 2011 acquisition of Denmark-based Danisco A/S. The Danisco acquisition furthers DuPont's strategy of expanding its focus on high-margin, specialty businesses and reducing cyclicality. In our view, Danisco's food ingredient and specialty enzymes businesses strengthen DuPont's health and nutrition and nascent industrial biotechnology offerings considerably. DuPont financed the approximately $7 billion transaction with a combination of debt and cash. Although the transaction meaningfully increased DuPont's net debt, strong business fundamentals and
